📈 BTC Tests $70K Amid Bitcoin 2024 Hangover

Together with

GM Defiers!

The price of BTC briefly flirted with $70,000 after a bullish Bitcoin2024 conference. The event was marked by a high-profile appearance from Donald Trump in which the former president and Republican presidential candidate promised to fire Gary Gensler and pledged that the U.S. government would hodl its BTC stash.

While Trump unsurprisingly dominated the narrative of the conference, Bitcoin Layer 2s, Ordinals, and smart contracts captured the imagination of attendees.

The Compound community is condemning Humpy, a notorious DeFi whale, for allegedly launching a governance attack against the protocol. Also, developers are competing to bring smart contract functionality to the Dogecoin ecosystem, P21Shares tapped Chainlink for Proof of Reserves, NFT lending market is holding up in spite of floor price drop, and most celebrity-backed memecoins have slumped by more than 80%.

✍️ In today’s newsletter:

BTC rallies after Bitcoin2024 conference
Trump doubles down on pro-crypto rhetoric
Politics and scaling solutions dominate Bitcoin2024 narrative
Humpy accused of Compound governance attack
Dogecoin developers race to deliver smart contracts
Chainlink chosen by 21Shares to prove Ether ETF reserves
NFT lending holds strong despite bear market
Celebrity memecoins record brutal drawdowns

🙏Sponsored

📈 Markets in the last 24 hrs:

THANKING OUR NEWSLETTER SPONSORS

| NEWSLETTER CONTINUES BELOW |

Stellar empowers builders to unlock human and economic potential. Explore the new Stellar smart contract platform, Soroban, designed for scale and sensibility.

👀BTC Inches Closer to $70,000 after Trump Says ‘Never Sell Your Bitcoin’

Crypto prices posted a short-lived rally after the Bitcoin2024 conference wrapped up this past weekend, with BTC flirting with resistance at $70,000 earlier today. However, markets have pulled back since, with Bitcoin last changing hands for $67,000.

️🎤Trump Speaks at Bitcoin2024, Says He'll Fire Gary Gensler On Day One

Donald Trump, the former U.S. president and Republican party presidential nominee, courted crypto supporters at the Bitcoin2024 conference. Trump delivered an eclectic speech, featuring everything from promising to fire SEC chair Gary Gensler, pledging to promote the U.S. stablecoin sector, highlighting that he is on a first-name basis with Kid Rock, and praising Jake Paul’s boxing ability.

🤔Trump and ‘Bitcoin Season 2’ Dominate Bitcoin2024

Politics dominated the narrative at Bitcoin2024 as Doland Trump, Republican Senator Cynthia Lummis, and independent presidential candidate Robert F Kennedy each took the conference stage. Beyond politics and policy, Bitcoin Layer 2s, Ordinals, and fungible tokens captured the imagination of conference-goers.

🐋Notorious Whale Of Engineering Governance Attack

Humpy, a controversial DeFi whale, is facing accusations of launching a governance attack from the Compound community. The drama comes after a proposal to invest $24M worth of COMP from Compound’s treasury into a DeFi protocol from the Humpy-linked Golden Boys team.

🐶Developers Compete To Bring Smart Contracts To Dogecoin Ecosystem

An increasing number of web3 projects are racing to bring smart contract functionality to the Dogecoin network. Laika claims to have deployed the first Dogecoin Layer 2 on mainnet, while Qed Protocol proposed an opcode to introduce DeFi capabilities to the Dogecoin base layer. The moves follow the introduction of inscriptions to Dogecoin last year, and the launch of the Dogechain sidechain in 2022.

🤝21Shares Implements Chainlink Proof of Reserve to Enhance ETF Transparency

21Shares, an issuer of crypto exchange-traded funds, integrated support for Chainlink’s Proof of Reserve protocol to prove its Ether fund is fully backed by ETH. The move comes as Chainlink increasingly attracts adoption from tradfi institutions.

💰ArcadeXYZ Collateralizes $450,000 of Ringers NFTs

ArcadeXYZ, a lending protocol for NFTs, collateralized $450,000 worth of Ringers tokens on July 24. The loan features a $16,000 principal per NFT, and comes despite Ringers’ price crashing more than 80% against ETH since its 2021 high.

📉Nearly Every Celebrity Token Launched in 2024 Has Gone to Zero

The momentary celebrity memecoin bull moment abruptly came to an end, with many tokens promoted by the rich and famous posting violent losses over just a couple of months. Analysis from SlorgoftheSlugs found 24 of 30 celebrity memecoins plummeted by at least 88% from their highs.

🌍 ELSEWHERE

WazirX faces backlash on ‘socialized loss strategy’ after $230 million exploit (The Block)
Polymarket Whales Favor Trump as Election Betting Surges Past $400M (CoinDesk)
University of Wyoming Launches First Bitcoin Research Institute (Bitcoin Magazine)
Are NFTs Securities Offerings? Two Artists Sue the SEC to Find Out (Unchained)